Note 4 - Cash, Cash Equivalents and Marketable Securities

3 Months Ended

Mar. 31, 2022

Notes to Financial Statements

Cash, Cash Equivalents, and Marketable Securities [Text Block]

4. Cash, cash equivalents and marketable securities

The following is a summary of the Company's cash and cash equivalents as of the date indicated:

 

	March 31, 2022		December 31, 2021
Cash in banking institutions	$	1,326,178	$	30,308,075
Money market funds		5,046,607		7,005,483
Commercial paper		3,499,545		—
Total	$	9,872,330	$	37,313,558

The following is a summary of the Company's marketable securities as of March 31, 2022:

	Amortized cost		Unrealized gains		Unrealized losses			Fair Value
Commercial paper	$	19,716,092	$	—	$	(39,939	)	$	19,676,153
U.S. treasury bonds		3,013,869		—		(9,719	)		3,004,150
Total	$	22,729,961	$	—	$	(49,658	)	$	22,680,303

The Company did not have marketable securities as of December 31, 2021. The Company's marketable securities generally have contractual maturity dates between 3 and 12 months. Most of the Company’s marketable securities are in an unrealized loss position at March 31, 2022. Unrealized losses on marketable securities as of March 31, 2022 were not significant and were primarily due to changes in interest rates, and not due to increased credit risks associated with specific securities. Accordingly, no other-than-temporary impairment was recorded for the three months ended March 31, 2022 and there were no realized gains or losses recorded during the three months ended March 31, 2022.